Money to the Masses

Insurance companies need to do more

This week it was great to see that some insurance companies are starting to do the right thing by their customers. LV, for example, has introduced payment breaks for qualifying customers who are struggling financially. But importantly, the amount of protection remains unaffected during an agreed payment break. Meanwhile, Admiral has become the first major UK motor insurer to offer its customers partial refunds in recognition of the fact that many drivers are stuck at home.

Unfortunately, most insurance companies are doing very little to help their customers with the cost of their premiums. This is staggering given that many of their customers can’t take advantage of the benefits that are often included with these products. One life insurance provider has offered to help customers temporarily reduce the cost of their policies by also reducing the amount of cover they are entitled to. In my opinion, reducing customers' life insurance cover at a time when they need it most is not in a customer's best interest.

I hope we see more companies follow LV’s lead in the coming weeks. Those that do are likely to be remembered once the pandemic has passed as organisations that really value their customers.
Enjoy this week's newsletter.

Damien Fahy founder

Damien Fahy & MoneytotheMasses are regularly quoted in the national press including
Money to the Masses Podcast
Episode 268 - On this week's show we discuss the power of words in helping you conquer your finances and achieve your goals. We also discuss how traditional portfolio construction has been called into question after the recent market slump. Plus I talk about the importance of focusing on opportunity and your net wealth. Finally, we discuss ways to earn money from home.
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Damien's Midweek Markets Podcast
Episode 58 - The latest episode of my DIY investment podcast where I discuss what is happening in investment markets. This week I talk about value hunting as well as why the oil price went negative.
on iTunes     on Android     on Spotify     via RSS
Money tips and news
Coronavirus: 'Our wedding is cancelled but we still have to pay'

All big UK airlines and travel firms denying refunds, Which? finds

Can I get a refund or extension on my railcard for lockdown?

We have a trip booked for the end of May but have only paid the deposit: Should we cancel and lose £400 or pay the remaining £1,600 and risk not getting it back?

23 easy money-saving tips that could save you hundreds in lockdown

Emergency Financial Advice project gets off the ground

Car insurance during lockdown: can you get a refund, payment holiday or cheaper premium?
Take Damien's Free Money MOT


I’m selling my house — how much capital gains tax do I have to pay on the profit?

I’m buying a property — can I get a discount?

What happens to house prices after you stop the property market?

Should we force a property seller to move during the lockdown?

Lenders kick-start mortgage deals 
Get a FREE Mortgage Review

Savings, Pensions & Investments

What happens to my pension if I am furloughed? Payments into pots based on 80% of salary will be protected

My late husband would have been 66 this year, can I still claim half his pension?

Can I set up a pension for my son and do I have to tell him?

How to buy shares for beginners

How safe is my company pension?

I wrongly thought I got divorced - can my wife share an inheritance?
See the best & cheapest SIPPs

Reader's question of the week

What is relevant life insurance and should you have it?

Now might be a good time to.... the best 10 Income Protection policies

Money guide of the week

The 9 insurance policies you need to protect your business

Newspaper Roundup

Best of the Sunday papers' MONEY sections 

Best of the Sunday papers' PROPERTY sections

This Week's Video - Subscribe to our YouTube channel

In this video Damien explains why it's so important to regularly check your credit report.

Follow us on Instagram - @moneytothemasses

Being on lockdown has allowed many of us to get round to those arduous tasks that we always put off, so why not give your finances a spring clean whilst you are at it. ⁠

To get you started, here are 5 ways to start spring cleaning your finances 🧹⁠

✅ STOP paying interest on debt - take a look at how much interest you are paying on your credit card or loan and see if you are better off completing a 0% balance transfer. (It may also be worth checking you are on the best mortgage deal too)⁠

✅ Shop around on bills - Have you got the best price on your household bills? Shop around as changing energy/insurance provider could save you ££'s⁠

✅ Check your credit report - Regularly check your credit report for any fraudulent activity. Something could be harming your score and you might not know it.⁠

✅ Set a budget - Sorting out your finances and setting a budget will highlight what you may be wasting your money on. Sticking to a budget will help you to control your spending. ⁠

✅ Take Damien's Money MOT - The easiest way to see which areas of your finances need a bit of TLC is by taking Damien's Money MOT. It will highlight areas that need improving and help you work towards improving your financial health. ⁠

For more tips on spring cleaning your finances visit the Money to the Masses website.

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